Page 22 - bne IntelliNews monthly magazine September 2024

22 I Companies & Markets bne September 2024
at 23:40 Moscow time on August 24 to $5.5 at 15:00 Moscow time on August 26, according to data from the Binance exchange, Vedomosti reports.
Pavel and Nikolay Durov announced the launch of the Telegram Open Network (TON) blockchain back in 2018, but in 2020 they were forced to abandon the project due to litigation with the US Securities and Exchange Commission (SEC).
Refusal to cooperate with French law enforcement is punishable under the article on obstruction of justice, under which the maximum punishment is three years of imprisonment and a fine of €270,000. If the information concealed from the authorities ultimately allowed a crime to be committed, the sentence increases to five years, and
the fine to €450,000. And if Durov's actions are considered complicity in crimes, the term may be significantly longer, reports Vedomosti.
The Telegram App got a boost from the press coverage of Durov’s arrest and has become the second most downloaded social media app in the US App Store, and global downloads are up 4% worldwide, TechCrunch reports. In App figures' metrics, which exclude games, Telegram rose from the 18th most popular app in the US to 8th.
The messenger's popularity has also jumped in France, where the French version also became the most downloaded app in the App Store and the third most popular application overall, reports Vedomosti.
Nebius Group core businesses valued at $2.11bn, not including cash and subsidiaries
bne IntelliNews
The spin-off of Yandex N.V.'s Russian and part of its international business was finalised and has a valuation of $2.11bn according to back of the envelope estimate conducted by analysts at Seeking Alpha.
The new company is set to rename itself as Nebius Group at the next board meeting and consists of four firms: Nebius AI, Toloka AI, TripleTen, and Avride.
Using a sum-of-the-parts analysis, the analysts estimated the total valuation of Yandex N.V.'s operating business at $2.11bn. Including cash reserves and minority interests in other companies, the valuation rises to $4.7bn, or $23.6 per share.
The company's shareholders are expected to vote on the name change and other matters at the AGM on August 15.
Nebius AI, the core business, focuses on Infrastructure-as- a-Service (IaaS) and GPU-as-a-Service, driven by the rapid growth of the generative AI market. The global IaaS market is projected to grow from $3.2bn in 2023 to $50bn by 2032, with a CAGR of 35%. Using a revenue multiple of 7.4x, Nebius AI's valuation is estimated at $1.48bn.
Toloka AI, a data partner for AI development, operates in a market expected to grow at a CAGR of 40% over the next five years. Valuing Toloka AI against non-public peers, its estimated valuation is at least $0.5bn, contributing $2.5 per YNDX share.
TripleTen, an edtech platform specialising in tech career training, competes with firms like General Assembly and Coursera. Using an average revenue multiple of 3.7x, TripleTen's
www.bne.eu
valuation is estimated at $221mn, or $1.1 per YNDX share.
Avride, which develops autonomous driving technology, has a valuation estimated at $109.8mn, or $0.55 per YNDX share, based on its performance in the robotaxi and delivery robot markets.
Summing these valuations, Yandex N.V.'s operating business is valued at $2.11bn, or $10.6 per share. Adding cash reserves and minority investments, the total valuation reaches $4.7bn, or $23.6 per share.
"Given the diverse nature of Yandex N.V.'s remaining businesses, a sum-of-the-parts valuation was the best approach," said an undisclosed analyst. "The conservative valuation could place the fair share price in the $30+ range."
The company's shares remain halted on NASDAQ, and it is unclear when trading will resume. Arkady Volozh, Yandex N.V.'s CEO, adds optimism to the company's future.
Nebius Group is worth $2.11bn and twice that amount if you count in cash and subsidiaries.